International investment bank UBS has withdrawn its lawsuit against Ukraine's state-owned PrivatBank, ZN reports.. UA with a link to the press release of PrivatBank for March 9.

The decision became known on March 8 during a meeting of the Economic Court of. Kyiv in the case of Shakoor Capital Limited vs. PrivatBank.

Earlier, the court in this case, at the request of the state bank, had already left without consideration the claims of two other international companies - JP Morgan and Pala Assets, associated with the aggressor country..

We are talking about case No. 910/17306/21, in which the plaintiffs are Shakoor Capital Limited, JP Morgan Securities, UBS AG, Pala Assets Holdings Limited and Ukrainian FOP Sazonov D. – demand the annulment of the share purchase agreement concluded between Privatbank and UK SPV in 2016. According to this agreement, Privatbank's obligations to the UK SPV were exchanged for shares of the bank's additional issue during the bail-in procedure.

“The bail-in procedure was an important part of the measures taken by the state to nationalize PrivatBank. Although the Bank of England and the London Court of International Arbitration recognized the bail-in procedure as legal, the plaintiffs still continue to demand that the contract be declared invalid,” PrivatBank says..

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It is noted that next week a court session is to be held to recover legal costs from JP Morgan and Pala Assets in favor of PrivatBank, and in three weeks - the next session in the case.

In February, the National Bank announced that the Supreme Court had finally closed the proceedings on the validity of Privatbank's sale and purchase agreements, as a result of which, in December 2016, the state acquired 100% of the bank's shares.. Claims for the invalidity of contracts were filed by the former head of the board of PrivatBank Oleksandr Dubilet and other shareholders.